Private equity giant Carlyle Group, which closed its $4 billion buyout of the OCD business from Johnson & Johnson (NYSE:JNJ) last week, named ex-Roche and Millipore CEO Martin Madaus as CEO in February. Today the company said ex-Boston Scientific finance chief Jeffrey Capello will be its new CFO.
Capello stepped down from Boston Scientific effective Dec. 31, 2013, saying he wanted to assume a "broader role" after spending a decade as a public company CFO.
"We have recruited top industry talent, recognized for their global diagnostics expertise, to build a revitalized, stand-alone company," Madaus said in prepared remarks. "Under their leadership, OCD will be positioned to grow, enhance its industry-leading medical diagnostics products and services, and innovate with new, diagnostic solutions through targeted investment."
Ortho-Clinical Diagnostics also named former Siemens Healthcare (NYSE:SI) executive Alex Socarras as executive vice president of commercial; ex-EMD Millipore president & CEO Robert Yates as COO; and Michael Schlesinger, a former partner and corporate lawyer at Latham & Watkins, as general counsel.
Johnson & Johnson revealed Jan. 16 that Carlyle submitted a binding offer for $4.15 billion, snaking the diagnostics business away from several other PE groups said to include the Blackstone Group, Kohlberg Kravis Roberts, Bain Capital and BC Partners. A 2nd round of bids in November was rumored to involve a combined bid from Danaher (NYSE:DHR) and Blackstone and another combined offer from CVC Capital Partners and Leonard Green & Partners.
In February, Carlyle tapped Madaus for the corner office at Raritan, N.J.-based Ortho-Clinical. The business, which last year generated $1.89 billion or 2.6% of total sales for J&J, is a major global player in screening, diagnostics, monitoring and disease identification. Carlyle said it plans to push expansion into emerging and established markets and to make "accelerated" investments in research and product development. JNJ officially accepted the Carlyle offer at the end of March and closed the deal June 30.